Bay City Company's fixed budget performance report for July follows. The $587,000 budgeted total expenses in variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses. Fixed Budget Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 8,000 $640,000 587,000 $ 53,000 Actual Results 6,900 $ 614,100 551,000 $ 63,100 $ 25,900 u 36,000 F $ 10,100 V Prepare a flexible budget performance report that shows any variances between budgeted results and actual re variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, an round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf